Cryptocurrencies moved lower on Friday as the Iran conflict stretched into its fifth week without resolution, even as underlying flow data continued to point to quiet institutional accumulation.
Bitcoin traded near $68,500, down 3.2% over the past 24 hours and 2.7% on the week, as markets once again reacted to a familiar sequence of headlines—initial signs of de-escalation quickly followed by renewed escalation.
U.S. President Donald Trump extended the deadline for Iran to reach a ceasefire by 10 days, saying negotiations were progressing well. Brent crude briefly fell 1.3% to $106 on the announcement, but the relief was short-lived after reports that the Pentagon is considering sending up to 10,000 additional troops to the Middle East.
The broader crypto market declined about 1%, with total capitalization slipping to $2.4 trillion. Ether fell 4.6% to $2,050, dropping back below a level it has struggled to maintain throughout the month. Solana slid 5.3% to $85.93, while XRP lost 2.8% to $1.36, extending its weekly losses to 6.5%. BNB dropped 2.3% to $626, and Dogecoin fell 2.8% to $0.091. Tron stood out as the only major token in positive territory, gaining 1.2% on the day and 2.4% over the week.
Global equities also weakened. Asian markets fell 0.6% after Wall Street closed at its lowest level since September in the prior session. South Korean tech stocks led the declines, with Samsung and SK Hynix dragging the KOSPI down 2.3%, while Taiwan’s market fell 1.2%.
The fifth week of the conflict has reinforced a pattern of headline-driven volatility, with sharp swings in sentiment leaving markets without a clear directional trend.
Despite the near-term weakness, some technical indicators remain supportive. FxPro chief market analyst Alex Kuptsikevich noted that the total crypto market cap is approaching its 50-day moving average while still holding above it, calling it a constructive signal.
Meanwhile, institutional flows suggest a more positive underlying backdrop. Bitcoin ETFs have attracted approximately $2.5 billion in inflows over the past month, according to Bloomberg, offsetting most of the outflows seen earlier this year. BlackRock’s bitcoin ETF ranks among the top 2% of ETFs by inflows year-to-date.
At the same time, net bitcoin outflows from exchanges point to accumulation, as investors continue moving assets into self-custody rather than positioning for sale.
BlackRock also noted that large investors are increasingly concentrating their exposure in bitcoin and ether, while largely avoiding the broader altcoin market.
With the Iran deadline now extended by 10 days, the next major catalyst for markets is expected in early April.
